Kuwait’s Public Authority for Housing Welfare (PAHW) has inked contracts of commitment with the private sector for housing development projects worth $495m (KWD152.4m) in Jaber Al-Ahmad and Sabah Al-Ahmad districts.
The deals were announced by the Minister of Public Works and Minister of State for Housing Affairs, Dr. Rana Al-Fares.Announcing the deals Dr. Al-Fares said that granting the investment opportunity to the developers was in line with the Cabinet Resolution 32/2016, its amendments, and the Law of Partnership between the public and private sectors 116/2014.
However, the minister did not reveal the name of the developers.The public-private project includes developing areas for warehouses, handicrafts, labour accommodations, as well as infrastructural works for a 30-year investment period, effective from the start of commercial operations.
As per the plan, a commercial complex will be built within the Jaber Al-Ahmad district. The complex will include galleries and halls for multiple purposes in addition to cafes.
Meanwhile, the deputy director general at the authority, Hadeel bin Naji, said that the overall value of the project will be paid by the private sector, with none of the costs being incurred by the public funds.The housing authority’s investment towards the partnership exceeds $125.4m (KWD38m).
Source : Construction Week Online
No.of Reads (29)